Holding(s) in Company

TR-1: Notifications of Major Interests in Shares

1: Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Standard Life Investments Property Income Trust Limited

2: Reason for notification (yes/no)

An acquisition or disposal of voting rights

yes

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

no

An event changing the breakdown of voting rights

no

Other (please specify):

no

3: Full name of person(s) subject to notification obligation:

Standard Life Investments (Holdings) Limited (Parent Company) - 12.22% comprised of:

Standard Life Investments Limited - 12.22%

Ignis Investment Services Limited -0%

4: Full name of shareholder(s) (if different from 3):

Vidacos Nominees

5: Date of transaction (and date on which the threshold is crossed or reached if different):

28/07/2014

6: Date on which issuer notified:

29/07/2014

7: Threshold(s) that is/are crossed or reached:

12%

8: Notified Details

A: Voting rights attached to shares

Class/type of share If possible use ISIN code

GB0033875286

Situation previous to the triggering transaction

Number of shares

Number of voting rights

14,982,501

14,982,501

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Percentage ofvoting rights

Direct

Indirect

Direct

Indirect

19,644,001

19,644,001

0

12.223 %

0%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ conversion period/date

No. of voting rights that may be acquired(if the instrument exercised/converted)

Percentage of voting rights

Total (A+B)

Number of voting rights

Percentage of voting rights

19,644,001

12.223 %

9: Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

Standard Life Investments (Holdings) Limited (Parent Company) - 12.22% comprised of:

Standard Life Investments Limited - 12.22%

Ignis Investment Services Limited -0%

Proxy Voting:

10: Name of proxy holder:

11: Number of voting rights proxy holder will cease to hold:

12: Date on which proxy holder will cease to hold voting rights:

13: Additional information:

14: Contact name:

[email protected] Life Investments Ltd

15: Contact telephone number:

(0131) 245 6565